Morning Report 3 Feb 21: US sharemarkets rallied on Tuesday

The trading frenzy that fuelled a surge in heavily shorted shares continued to ease. Shares of GameStop (-60.0%) and AMC Entertainment (-41.2%) both tumbled. Alphabet, which will report the cost and operating profit of its Google Cloud business for the first time, added 1.4%. While retail behemoth Amazon rose 1.1% and reported after market close that Andy Jassy will replace Jeff Bezos as CEO. Shares of UPS climbed 2.6% as the courier reported a surge in profit. Exxon Mobil shares lifted 1.6% on a pledge to safeguard dividends following its first annual loss in at least 40 years. The Dow Jones index closed up by 476 points or 1.6% after being 630 points higher earlier in the session. The S&P 500 index rose by 1.4% and the Nasdaq index climbed by 209 points or 1.6%.       

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